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No, it was "interest only" loans, sub-prime loans, and people just generally biting off more than they can chew with the expectations that property values will always increase that actually got us into this trouble. Interest only loans are particularly bad - sort of the mortgage version of making the minimum payment on a credit card and never chipping away at the principal. After my 7 year ARM is up, the max the rate can go up is like 4 points - and that is only if Prime is soaring (i.e. total market recovery, inflation and the next internet/housing bubble on the rise.) The ironic thing is that even if the worse case transpires for me - we decide to stay for more than 7 years, the economy is booming and rates soar, and we can't refinance due to shitty credit - our rate can only go to about what it was before we refinanced. And after paying it down for 7 years, the math works out so that our new, worse-case scenario payment would actually be less than what we were paying before the refinance. These worse-case payment amounts were all spelled out in my Truth-in-lending disclosure, plain as day. Also, the 5/5 ARM that Penfed has is pretty awesome. They cover most of the closing costs, and it can only adjust by 2 points in 5 years, and then another 2 points 5 years after that. Again, worse case scenario, in 10 years you wind up paying the rates that you paid in 2008 or so, which was when I had my original loan. So if you are saying that I will regret saving $600/month for 7 years ($50K total, for those bad at math), and then possibly, worse-case going back to my old monthly payments, you are one of those who doesn't understand money or high-school math, and you are a prime candidate for Ramsey's junk. Besides, I know that I am not going to be here for 30 years, so if I bought a 30-year loan, I am throwing away the closing costs the moment I sell or refinance. Mapplby is dead right. I have said time and again, Ramsey's shit is for those who truly don't understand money or numbers. His prescriptions and strategies will lose you wealth over the years - and lots of it. Making people think that investments and capitalism (oh, I am sorry, if you are on the receiving end of someone else's capital investment, it is known by its evil name - debt) is always bad, is just ludicrous. Telling people not to take out the max amount of money at 2.5% with a 30 year term so you can invest it and gain 5-10% is complete and total financial idiocracy, by definition and by the numbers. All because of his scare tactics that "all debt is bad." Absolutely crazy. I wish my bank would let me load up on another $200K of that evil debt at today's mortgage rates with a 30-year lock in. I could make a killing with that money - especially 10-15 years down the road when rates go up. Borrowing at 3% on a mortgage today is basically like free money, due to the effects of inflation. But at the end of the day, why the fuck would someone lock themselves into a financial product for 30 years, knowing full well that they won't be in that house for 30 years, and thus enjoying the benefits of the 30 year lock in???? By definition, if you know you are only going to be using a financial product for, say, no more than 10 years, why would you buy a product, appropriately labelled, with "30 year" in the title? The higher rates you are paying by not going with a 7 or 10 year loan is just Dave Ramsey-type money - pissed away as a penalty for those who don't understand math.

Yeah, but they lost their DFCs when they landed at the wrong field.

You started a great thread, and you continue to fuck it up by talking. You're on probation - let the thread continue.

Been about a solid 4 minutes straight, and I still can't stop laughing - tears coming down my face and everything. And finally when I was able to click away, I went back to it for another laugh. Top 10 posts of all time on Baseops. The look in the eyes just about says it all when it comes to using common sense in the Air Force.

Mind if use your story to press home the point? Lets say that the govt no longer has the money or policy to give the sister a check/house/food credit card a month. Will the sister ask family for handouts? Maybe, but that charity only goes so far. Family will get tired easiliy of bailing out sis, especially when she is capable of work. Family may even say, if you want help, you need to drop sat/cable TV, go to a basic phone plan, stop eating out, trade the escalade in for a dodge, etc. ASAP, you will want sis earning her own keep and not sucking away the hard-earned money from family members. My point is that the gov't has become enablers of laziness. When its so easy to get handouts, why work? Out

Dude. Is there a topic on this message board you don't feel compelled to respond to? I mean, for God's sake... 1) You haven't been to UPT 2) You're basing your opinion on...what exactly? Not seeing a UAV in the assignment night thread, but you still answer yes? And then say "oh yeah, nevermind. Someone else answered better than me..." 3) Not everything in the world revolves around navs and clock2map2gnd1!!1!! I get that you're really into politics and public policy and you like defending your thoughts in those threads. What I don't get is your inability to STFU when you don't know what you're talking about. Please stop, you're embarrassing yourself. Before you hit the "post" button and probably before you speak in public, think to yourself "do I know what I'm talking about here? Is it my place to speak on this topic?" If the answer to either of those isn't "Yes" with no caveats, don't. It's way better for everyone. It's kinda like a debrief, "was I directly spoken to? Can I answer this question in one word or less? If I answer this question is it possible to be seen as quibbling? Am I really sure this is the right time for me to speak?" /rant.

If he doesn't return, he might be dead.

I got a BS in EE through AFROTC and I fly airplanes, I smell a rat

Cool story. Tell him to do some real work.

Must be a shitty upgrade